In May, the Philadelphia region saw a normal seasonal tapering of activity, but appointments and pending/settled properties showed significant increases compared to last year. All indication are that June will have the highest number of closed transactions in any month since the end of the First Time Buyer tax credit 3 years ago.
Montgomery county reported a 10.3% decrease in Total Inventory in May 2013 compared to May 2012 with a 28% increase in pending units and a 13% increase in settled units over the same time period.
I've personally seen the affects of the low inventory in various towns throughout the Spring resulting in more June scheduled settlements than I've seen in years.
This shift in the market is making a great time to sell your home and move up- either to a bigger house or change towns and schools. Interest rates are keeping monthly payments low and houses are selling- even for above asking prices.
National News
A more recent count of inventory is showing that nationally, more inventory is hitting the market everyday.
"As the spring home buying season transitions into summer, month-over-month inventories are rising faster than they were as sellers respond to price increases at a faster pace than earlier in the buying season. On a national basis, both list prices and Inventories rose in last month, according to Realtor.com’s May data.
Inventories have risen by about 25 percent since the beginning of the year, signaling a potential end to a sellers’ market and a greater balance between market supply and demand. The monthly increases in the for-sale inventory that took place in the past two months are among the highest observed since Realtor.com has been collecting these data.
In May the inventory deficit fell to 10.11 percent on a year-over-year basis. Realtor.com’s inventory (1,852,740) was larger in May than it has been in ten months."
(source NBC news)
This is pretty neat! Couple builds a home that is 98% Made in America!
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